Student loan rates to double Monday

2:46 AM,
Jun. 29, 2013

Written by

Cliff Peale

Caught in the political maelstrom in Washington, D.C., interest rates on new student loans will double Monday.

Rates on subsidized Stafford loans, one of the main ways the federal government funnels money to students to pay for tuition and other college costs, double to 6.8 percent.

That could add $4,000 in payments over 10 years for a borrower entering college this fall, according to the policy group Institute for College Access and Success. A new report from Congress' Joint Economic Committee said the higher rates would add $4,500 to the cost of a four-year college degree. ...